(MENAFN) Dubai-based Union Properties recorded a profit of USD7.6 million in the first quarter of the year, marking a huge slump from USD48.96 million last year, Gulf News reported.
In addition, the total income for the whole period went down to USD70.38 million from USD110.12 million recorded in the previous year. The results mark the company's poor performance.
"UP should consider strategic tie-ups to rebuild its revenue stream rather than focus exclusively on long-gestation period projects in Saudi Arabia or smaller ones in the other emirates," an official said.
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